Retirement

PER-6.03 January 22, 1998 Retirement

I. POLICY AND/OR OBJECTIVE

The University of Louisville does not have a mandatory retirement age for faculty, staff, or administrators. Retirement may occur when the regular status employee either:

• has a minimum of seven years of regular service and who is at least 60 years of age or
• has a minimum of seven years of service in Eligible Faculty or Staff status and whose combination of age and years of regular service of not less than 80% full-time equivalent at the University is equal to or greater than 75.

For purposes of the preceding sentence, years of regular service mean calendar years or (in the case of faculty) academic years and employment on a basis of not less than 80% full-time equivalent during any part of a calendar year or (in the case of faculty) an academic year shall be counted as a full year of regular service.

II. PROCEDURE

The employee is urged to notify the Employee Benefits Office, Human Resources Department, at least three months prior to the expected retirement date. Telephone numbers are accessible through the retirement page of the Human Resources Website. The employee must also contact Teachers Insurance and Annuity Association (TIAA) and/or Fidelity Investments (telephone numbers are listed below), and request a retirement packet which will include retirement benefit options, income benefit illustrations, and benefit application forms.

TIAA-CREF 1-800-842-2776

Fidelity Investments 1-800-343-0860